Most Common Real Estate Malpractice Issues

Working as a real estate agent is a challenging job. Most agents earn no base salary, and only earn commissions when they sell a house, or list a house for sale, and the deal “closes.” Running choosy home shoppers all over town in their own cars is probably enough to dissuade most people from this demanding job.It takes a special breed of professional to earn a living like this, and real estate agents are to be commended for their hard work, diligence, and patience. The vast majority of people in the real estate profession are honest, dedicated, and perform a very valuable service.

Real Estate Malpractice

Real estate agents and  brokers have a duty to act in accordance with the accepted standard of care in the real estate profession.  They also have a fiduciary duty to their clients to represent and advise them about the real estate transaction.  When an agent or broker fails to act in accordance with the required standard of care or breaches his or her fiduciary duty to the client, the client may have a claim for real estate malpractice.

The National Association of Realtors® maintains a website with their Code of Ethics published and each state also has their own website. In Illinois, the Association of Realtors lists their Professional Standards and in Florida the Florida Realtors post their Code of Ethics.

The laws that pertain to malpractice may or may not correspond to information in the above referenced sources, but more likely will be found in the statutes for each state.

Keep in mind that the designation Realtor® does not apply to every real estate agent or to every person with a real estate license.

The most common complaints that come up when there is a dispute between a real estate professional and a customer are:

1- Fraud;
2. Breach of Duty;
3. Breach of Contract;
4. Negligence;
5. Bodily Injury / Property Damage;
6. Misrepresentation regarding the Condition of the Property;
7. Consumer Protection Act;
8. Earnest / Escrow Money Dispute;
9. Misrepresentation regarding Flooding or Leaks; and
10. Misrepresentation regarding the Value of the Property.

As you can see, this is a very complex area of the law, and attorneys who specialize in cases where there is possible real estate malpractice are trained in complex areas of law related to property transactions.

MalpracticeAttorneys.com is the leading source for information related to real estate malpractice and our service is free to victims. If you feel like a real estate professional has performed some incorrect act, or failed to perform their duty, you may have a case.

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